Where to Invest in China

As Shanghai residents queued for compulsory Covid-19 tests amid a stifling heatwave last month, fashion brands were moving into some of the most desirable luxury malls in a city that had only just come out of a severe lockdown.

Maison Margiela, Jil Sander, and Amiri — labels either fully or partially owned by Italian fashion group OTB — crowded into the newly opened JC Plaza on Shanghai’s Nanjing Road. Other openings were outside…